An average crypto user believes the crypto space hasn’t provided very strong security so far. Many digital exchange platforms have experienced a diverse breach in their database, leading to the loss of many millions worth of Bitcoin and other cryptocurrencies. Ledger and Coinbase recently revealed how their wallets were hacked by unknown hackers and the steps taken to improve their security.
In the latest survey carried out by GRAVE, known as the “coldest” crypto wallet globally, numerous crypto investors are not satisfied with the level of security provided by many exchange companies. The survey equally revealed how crypto investors and enthusiasts manage to protect their data such as assets, passwords, wallets, and funds.
GRAVE survey shows many Cryptocurrency users are engaged in “white List”
Judging by the stats obtained from the online survey, many crypto enthusiasts ensure they are involved in the use of “white list,” or trust, and withdrawal addresses. Almost half of the people involved in the exercise did the “white list.” It is quite surprising that only 27.5% of the participants had an online backup, while 17% of the participants are inconsistent when keeping a backup.
It is also shocking to see that 25% of digital asset owners did not provide any backup of their 2FA recovery code. In terms of gender, 90% of the crypto space are males, while females are 10%. In terms of wallet and demographics, few people had an up-to-date paper backup of their funds, while only 4.3% of the result didn’t engage in any backup for their account. Likewise, 7.4% deploys the use of an online backup strategy to protect their respective seed phrase.
Meanwhile, the collected data also reveals users’ lack of desire to use many exchange platforms to store their assets. The survey disclosed that many users store more than 40% of their entire crypto assets on a single exchange, meaning they will likely be grossly affected should the platform get hacked or shut down abruptly. In terms of demographics, the survey showed that 50% of all users were above 35, while 20% are above 45.
Crypto space Launches A Product Will Improve Security
However, the days of weak security experience in the industry will soon become a thing of the past following the launch of a product that promises to improve the industry’s security level. Having gone through the result of the survey, it won’t be out of place to say that many people involved in the crypto space pay little or no attention to the security of their wallets and data. According to Ruben Merre, who founded this product, digital asset investors and enthusiasts will enjoy top-notch security as long as they use the newly invented product.
In an interview with the press, Merre explained that his invention would serve as the ultimate solution to hacking and the bridge of databases. It is immune to all kinds of online theft and cybercrimes because no one can attack it. He reiterated that the new approach would give users the chance to “be their bank” to ensure total control over their wallets and data.